Industry trends and challenges

In the ever-evolving landscape of the hospitality industry, property and casualty insurance plays a pivotal role in safeguarding businesses against unforeseen risks. From boutique hotels to restaurants, the challenges faced by hospitality establishments are as diverse as our clientele.

Buckle up as we explore what’s on the horizon, dissect industry shifts and chart a course toward innovative solutions.

Whether you’re a seasoned hotelier or a fresh-faced restaurateur, our mission is to equip you with knowledge, empower you with strategies, and ensure your business thrives amidst the dynamic currents of risk.

Navigating insurance carrier changes: A countdown to renewal

Picture this: You’ve been a loyal policyholder, faithfully renewing your coverage year after year. But suddenly, the winds of change blow through the insurance landscape. Carriers revise their underwriting criteria, adjust risk appetites and recalibrate their compasses. What was once a comfortable fit may now feel like an ill-fitting suit. The result? Non-renewal notices (in other words, the cancellation of your insurance renewal with that carrier for the next year) land in your inbox, signaling the end of an era.

Why the 120-day head start matters

Here’s where the clock starts ticking. 120 days (about four months) before your renewal date, consider it the green flag for proactive action. Why? Because time is your ally. Let’s break it down:

Assessment window: Those 120 days provide a window to assess your current coverage: scrutinize your policy’s fine print, review claims history, dissect endorsements and evaluate limits. Are they aligned with your evolving needs? If not, it’s time to recalibrate.
Market exploration: Armed with knowledge, venture into the market. This is the time to seek out carriers who understand the nuances of hospitality. How do you do this? Make sure your broker is familiar with the hospitality carriers that are in the current market.
Alternative paths: If your current carrier is parting ways, explore alternative paths. Due to this market shift, there are different carriers that offer tailored solutions. The key? Early exploration. Waiting until the eleventh hour leaves you sprinting uphill. Have this conversation with us or your broker well in advance.
Risk mitigation strategies: Remember, insurance isn’t just about paperwork; it’s about risk mitigation. Insurance company underwriters want to see their clients engage in proactive risk management. Address vulnerabilities, shore up safety protocols and fortify your defenses. Carriers appreciate businesses that invest in their own resilience and will work to offer certain discounts for these efforts.

Our guiding light

At My Hospitality Insurance, we’re more than brokers; we’re trusted industry navigators. We understand the tides of change and the importance of foresight because we work in our industry every day.

As your renewal date approaches, lean on us. Together, we’ll decipher the currents, chart a course, and ensure your hospitality ship sails smoothly. Whether it’s negotiating terms, exploring alternatives or fine-tuning your risk strategy, consider us your compass and trusted industry partner.

What to expect in the next article?

Our goal is to educate and promote what is happening in our industry when it comes to your insurance needs. We know that this is one of the major costs to running your business. We aim to touch on a variety of different topics such as: